Introduction to Management Science (10th Edition)

in a CPM/PERT network, the earliest and latest times at which an activity can be started without exceeding the critical path project time

a prediction of the state of the economy in the future

the optimal order size that corresponds to total minimum inventory cost

an indicator of how close to perfection sample information is; it is computed by dividing the expected value of sample information by the expected value of perfect information

consisting of (or based on) data or information gained from experiment and observation

a decision-making method in which all states of nature are weighted equally (also known as the LaPlace criterion)

the outcome of a game that results from a pure strategy

the possible result of a probability experiment

in a CPM/PERT project network, the nodes that reflect the beginning and termination of activities

the expected (average) monetary outcome of a decision, computed by multiplying the outcomes by their probabilities of occurrence and summing these products

the expected cost of the loss of opportunity resulting from an incorrect decision by the decision maker

an average value computed by multiplying each value of a random variable by its probability of occurrence

the value of information expressed as the amount of money that a decision maker would be willing to pay to make a better decision

the difference between the expected value of a decision situation with and without additional information

in probability, a particular action, such as tossing a coin

a probability distribution often used to define the service times in a queuing system

a time series forecasting method similar to a moving average in which more recent data are weighted more heavily than past data

the maximum and minimum points on a curve (also known as relative extreme points); in a linear programming problem, a protrusion in the feasible solution space